Bernard Chan

Opinion | We all want Taylor Swift but is Hong Kong prepared to compete at any cost?

Superstar line-ups that improve the city’s image and boost tourism are very desirable but how happy would Hongkongers be if millions were poured into a single event, as Singapore has done with Swift’s tour and F1?

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Taylor Swift fans pose for pictures at an “Eras Tour Trail” installation at the Marina Bay Sands complex in Singapore on February 28. More than 300,000 are attending the US superstar’s six sold-out shows at the National Stadium from March 2-9. Photo: AFP

Bernard Chan

Published: 4:30pm, 7 Mar 2024Updated: 5:04pm, 7 Mar 2024

Reigniting our tourism industry to drive economic growth and enhance our image overseas has become a hot topic of discussion in Hong Kong in recent months.

The industry has historically maintained a high profile because of the visibility of our overseas visitors, and it has been a steadfast economic pillar. In 2019, before the Covid-19 pandemic, it accounted for 3.6 per cent of our economy and made up 6 per cent of employment.

In recent weeks, the extensive media coverage has centred around revelations that the Singapore Tourism Board and the Ministry of Culture, Community and Youth secured exclusivity for Taylor Swift’s Eras Tour in Southeast Asia with financial inducements.

The news has reverberated worldwide, sparking regional displeasure and starkly illustrating a sharp escalation in competition to secure the hosting rights for the most prestigious events. It reflects the benefits associated with hosting such premium events.

Media reports suggest the six-show Eras Tour in Singapore will generate about US$370 million in revenue with a high proportion of concert goers travelling into the city state. There have also been widespread media reports that the four sell-out concerts in Tokyo generated estimated revenues of US$230 million for the Japanese capital. Swift’s global tour has set a record with more than US$1 billion in gross ticket sales.

The tour’s success in Asia has highlighted for Hong Kong the benefits of hosting major events. The opening of the state-of-the-art Kai Tak sports stadium next year will enable us to host major international sports competitions, concerts and other large gatherings all year round for the first time. So we will have the hardware. But we must get the right software.